FCA Offering 0.9% APR For 84 Months On Dodge, Jeep, RAM Models Ahead Of July 4th

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Senior Pricing Analyst

Alex Bernstein is the Senior Pricing Analyst for CarsDirect.com. Each month he studies immense volumes of pricing and incentives data in search of trends that are useful to car shoppers. In the process, he often breaks industry news stories -- his analyses and insights have been featured on websites such as Automotive News, The Detroit News, Autoblog, The Truth About Cars and The Car Connection.

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, Senior Pricing Analyst - June 15, 2017

With transaction prices hitting record high prices, shoppers have been turning more and more to extended financing options to help make buying a car more affordable. As a result, some automakers have been catering to this with special rates up to 84 months.

However, Fiat Chrysler Automobiles (FCA) has just jumped deeper into the fray with a new standalone offer of 0.9% APR for 84 months. The offer, introduced today, includes some of the automaker's most popular vehicles like the Jeep Cherokee SUV, RAM 1500 truck and more.

So which models are eligible? What's a standalone offer, anyway? Is there a trade-off? And are there smarter options?

Here's what you need to know.

Offer Details

Beginning June 15, FCA has introduced a standalone offer of 0% APR for 72 months or 0.9% for 84 months on select models. As the name suggests, "standalone" means the deal can't be combined with other incentives.

Eligible 2017 models include the following.

Jeep: Renegade, Patriot, (Old) Compass, Cherokee (All Styles)

Dodge: Journey (All Styles)

RAM: 1500 (Regular & Quad Cab Only, EcoDiesel is eligible)

This marks the first time in recent memory that we've seen 0.9% APR for 84 months on these models. We wouldn't necessarily call this a 4th of July deal, but the timing is awfully convenient.

Although FCA does offer a similar deal of 0% APR for 84 months on the Dodge Dart and Chrysler 200, both models were discontinued. As a result, we consider that more of a final sell-down offer until both cars are gone forever.

Based on our analysis, the only other major automakers to offer 84 month financing are Ford and Chevy, with the best rate being 2.9% APR. There are no similar offers from brands like Toyota and Honda, although 0% offers from Toyota for 72 months abound.

Current offers expire July 5, 2017.

So is there a catch?

Our Analysis

Since it's a standalone offer, you may be giving up some attractive deals. For example, the 2017 Jeep Cherokee currently features up to $5,000 in cash incentives. Alternatively, there's 0% APR for 60 months plus $1,500 cash.

If you had your heart set on 0% financing because it sounds like "free money", some might argue that it would be smarter to take the 60 month deal and $1,500 incentive. On the flip side, the $5,000 discount equates to 18% off MSRP on the Cherokee Latitude.

Shoppers should also consider what kind of rate they'll actually qualify for based on their unique credit background, as well as how much they'll be financing. In most cases, you'll often need top-tier credit to have access to the best rates.

We find it worth noting that the rebates can yield impressive savings coupled with dealer discounts. One local advertisement touts selling prices as low as $15,900 on brand-new Cherokees with MSRPs just shy of $25,000.

So is an 84-month loan right for you? It's certainly possible, but we recommend considering all your options carefully, especially given the inevitable hit of depreciation and the fact that you may inadvertently be giving up a better deal.

Learn how to get a loan with bad credit »

, Senior Pricing Analyst

Alex Bernstein is the Senior Pricing Analyst for CarsDirect.com. Each month he studies immense volumes of pricing and incentives data in search of trends that are useful to car shoppers. In the process, he often breaks industry news stories -- his analyses and insights have been featured on websites such as Automotive News, The Detroit News, Autoblog, The Truth About Cars and The Car Connection.

Follow On: Google+ | Website